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EUR/USD Daily: Wedge, Two Legs Up Likely

Published 01/24/2024, 01:44 PM
EUR/USD
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EUR/USD-Daily Chart

  • The EUR/USD formed a wedge bottom yesterday, which led to a sharp reversal during the early morning hours.
  • Because of the wedge bottom and today’s strong reversal up, the odds favor at least a small second leg up.
  • The bulls are hopeful that today will close on its high and lead to strong follow-through buying tomorrow, breaking above the 20-period Exponential Moving Average (EMA)
  • Next, the bulls want a rally to the December high.
  • Today’s rally is strong enough that most Always In Bears will exit above yesterday’s high or wait and exit above today’s high.
  • Overall, today is a strong enough rally that it will probably get a second leg up. Traders will pay attention to see how determined the bulls are to get today to close on its high and to see if it will close above the EMA.

Latest comments

Frnks
The economic data in the United States is so shining that yesterday's K-line closed at less than half of its highest level. A changing trend~ Looking forward to your new analysis. Thank you.
Thanks.I always read your forex analysis.
Thanks I always your forex analysis.
missed you Al!!! thank you always.
Thank you what time frame are you analyzing it
daily bro read the whole chart
Thanks, I missed your forex analysis
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